India Foreign Policy Update: India is busy expanding its reach in the global economy. In this series, two senior ministers of the Modi government—Finance Minister Nirmala Sitharaman, Commerce and Industry Minister Piyush Goyal and Commerce Secretary Rajesh Aggarwal—will visit six major economies like America, Canada, Japan, Brazil, Argentina and Chile in the next few weeks.
Canada Tour (26-27 August)
Finance Minister Nirmala Sitharaman will first go to Canada. Canada's Finance Minister François-Philippe Champlain will host him on August 26 and 27. During this, both the Ministers will participate in the first edition of 'Finance Ministers' Economic and Financial Dialogue', in which economic development, financial sector cooperation and shared international priorities will be discussed.
America trip
In the second leg of her visit, Sitharaman will attend the G20 Finance Ministers and Central Bank Governors meeting to be held in Asheville City, USA from August 31 to September 1. The US Treasury Secretary has stated his commitment towards the revival of the North Carolina region affected by Hurricane 'Helen' behind the selection of this meeting venue. Besides, she will also meet many prominent officials and investors in America.
japan trip
Piyush Goyal is on a four-day visit to Japan, aimed at strengthening trade and investment ties between the two countries. India and Japan are working on promoting bilateral trade through the 'India-Japan Comprehensive Economic Partnership Agreement (CEPA).' Goyal is also taking a 200-member large industry delegation along on this tour. It is noteworthy that Japan is the fifth largest foreign investor in India and more than 1,400 Japanese companies are operating here.
G20 trade ministers meeting in America
Goyal will visit the US in the last week of September and participate in the G20 Trade Ministers' meeting to be held in Milwaukee, Wisconsin on September 30.
south america tour
Commerce Secretary Rajesh Aggarwal is going to South America on a week-long visit. He will visit Argentina on 24-25 August, Chile on 26 August and Brazil on 27-28 August.
According to sources, the visit will be helpful in strengthening India's trade diversification efforts, enhancing economic cooperation and attracting new investments.
DEAL WITH CHILE AND MERCOSUR EXPANSION
India is very close to finalizing a free trade agreement with Chile. The two countries have had a PTA in place for the past 20 years, and talks are now underway to convert it into a Comprehensive Economic Partnership Agreement (CEPA). The main issues in this agreement are giving market access to Chile and getting important minerals to India.
Rajesh Aggarwal's visit to Argentina and Brazil aims to expand PTA between MERCOSUR and India. MERCOSUR is a South American regional grouping that includes Argentina, Brazil, Paraguay, Uruguay, Bolivia (Venezuela was suspended in 2016). The conditions for starting talks for this are being discussed.